On February 25, 2025, Donald Trump announced the launch of a new visa program called the “Trump Gold Card,” offering wealthy foreigners a simplified path to U.S. citizenship in exchange for a $5 million investment.
This initiative will replace the existing EB-5 visa program, which has faced criticism for fraud and inefficiency.
Unlike the EB-5 visa, which required a minimum $1 million investment and the creation of at least ten jobs, the new program focuses solely on the applicant’s financial contribution. According to the Trump administration, this will attract wealthy individuals who can positively impact the U.S. economy.
“They will be rich and successful. They will spend a lot of money, pay taxes, and hire employees. We believe this program will be extremely successful,” Trump stated.
“Gold Cards” Instead of the EB-5 Program
The EB-5 visa, introduced in 1990, was designed to stimulate the U.S. economy by attracting foreign investors. However, the program has been repeatedly criticized for fraud and inefficiency. Commerce Secretary Howard Lutnick called it “poorly executed.”
Unlike EB-5, the “Trump Gold Card” does not require job creation. Instead, it prioritizes direct financial investments, which is expected to simplify the process and reduce the risk of fraud.
Can Russian Oligarchs Get “Gold Cards”?
One of the most controversial aspects of the new program is the lack of country-specific restrictions. When asked whether Russian oligarchs could obtain a “Gold Card,” Trump confirmed that they could, as long as they meet the financial and vetting requirements.
“I know some Russian oligarchs who are very good people,” Trump said.
This statement has sparked significant concerns, especially given Russia’s ongoing aggression against Ukraine. Trump was also once again accused of having ties to Russian businessmen. Critics argue that granting U.S. citizenship to Russian oligarchs could pose serious security risks.
The Financial Side
The Trump administration expects the “Trump Gold Card” program to generate massive revenues. Trump suggested that if 1 million visas were sold, the U.S. government could receive $5 trillion, which could help reduce the national debt.
However, experts are skeptical about these estimates. Additionally, taxation remains an open question—wealthy foreigners may be deterred by the requirement to pay U.S. taxes on their global income.
Ethical Concerns
The idea of selling U.S. citizenship for money has sparked controversy. On one hand, it could bring significant investments into the U.S. economy. On the other, it raises concerns about fairness and morality.
Critics argue that citizenship should not be a commodity available only to the richest individuals. There are also concerns about potential conflicts of interest, as previous visa programs were often linked to Trump’s family business ventures.
The “Trump Gold Card” represents a major shift in U.S. immigration policy, prioritizing money over job creation. While the program is expected to attract wealthy foreign investors, it is also likely to spark heated debates over potential risks and ethical dilemmas.
The program is set to officially launch in two weeks, but its long-term consequences remain uncertain.
